PIERFRONT CAPITAL

What We Do

Pierfront Capital was established in 2016 as an independent investment company offering junior debt, mezzanine and structured financing solutions in capital intensive businesses across a wide range of sectors including, but not limited to infrastructure, energy, transportation, telecommunications and logistics.

Our focus is on growth capital for asset and corporate acquisition, refinancing and project expansion.

Pierfront Capital provides structural flexibilities, tailored to meet the needs of companies that require more creative solutions than typically offered by traditional banks and conventional lenders, whilst at the same time ensuring compliance with local financial and other regulatory conditions.

As such, Pierfront is positioned as an intermediate provider of funding (in between bank debt and equity). Our investment is also used for funding growth through quasi-equity instruments without witnessing the full dilution typically associated with equity funding.

Pierfront Capital and Clifford Capital are related Temasek portfolio companies. Together we can provide borrowers with a complete senior and junior debt financing solution

Portfolio

GENEA

March 2019

A$48m term loan facility provided to Genea. Genea is a leading, integrated provider of assisted reproductive technology products and services in Australia, Thailand and New Zealand.

March 2019

Pierfront Capital has participated as a co-lender in a A$48m term loan facility that was provided to acquire a controlling interest in Genea. Established in 1985 and headquartered in Sydney with a network of 17 clinics, Genea is a leading, integrated provider of assisted reproductive technology products and services in Australia, Thailand and New Zealand.

The acquirer is a consortium led by Aldworth Management, Mason Group and We Doctor. The lead consortium members formed Hong Kong’s largest IVF clinic group in 2018 and intend to create a world-leading assisted reproductive service provider with a pan Asia-Pacific presence.

Pierfront Capital was the sole arranger and lender for a A$32m term loan facility provided to Minumbra Pty Ltd (“Minumbra”). The term loan facility was used to refinance an existing facility that was nearing maturity.

December 2018

Pierfront Capital acted as the sole arranger and lender for a A$32m term loan facility provided to Minumbra Pty Ltd (“Minumbra”). The term loan facility refinanced an existing facility that was nearing maturity.

Established in 1997, Minumbra specialises in the bespoke design, construction and operation of remote site villages throughout Australia. Minumbra’s clients include leading international multi-national mining companies that require high quality and reliable accommodation solutions for their workforce.

Minumbra currently owns and operates villages in Queensland at Coppabella and Bluff, and at Gove in the Northern Territory.

US$33m term loan facility to Elite UK Commercial Holdings Limited to support the acquisition of the Hayhill Portfolio which comprises a UK-wide portfolio of 97 regional offices.

November 2018

Pierfront Capital acted as the sole arranger and lender in the US$33m term loan facility to Elite UK Commercial Holdings Limited to support the acquisition of the Hayhill Portfolio. The Hayhill Portfolio comprises a UK-wide portfolio of 97 regional offices, let to the UK Government via the Secretary of State of Communities and Local Government of the Department of Works and Pensions on new, 10-year full repair and insurance leases, commencing on 1 April 2018.

US$33m participation in a term loan facility in support of a circa 30% shareholder of Project Colombo (undisclosed due to confidentiality undertakings).

May 2018

Pierfront Capital participated in a term loan facility in support of reputable Private Equity shareholders of Project Colombo to refinance their existing debt and provide some limited dividend recap.

Project Colombo is a global Engineering Services Outsourcing company rendering IT-based R&D outstanding to top tier clients in industries that are core to Pierfront’s mandate, covering infrastructure, energy and healthcare. With involvement across the complete engineering lifecycle, the contracts are typically mid to long term in nature and with sticky strategic clients including blue chip names such as Siemens, GE, Rolls Royce, Toshiba, to name a few.

Merdeka Copper Gold is one of the most significant mining companies listed on the Indonesian Stock Exchange. As well as developing the large scale Tujuh Bukit copper-gold mining project the company is establishing a portfolio of other mining interests in Indonesia.

US$15m participation in a senior secured loan facility with proceeds to support the Pasca offshore development in Papua New Guinea.

February 2018

Pierfront Capital participated in a US$45m senior secured loan facility provided to Singapore-based Twinza Oil. Other co-lenders to the facility are sector and country specialists and include Baker Hughes. The loan proceeds will be used to advance the development of the Pasca offshore condensate and LPG project in Papua New Guinea. The Pasca project is the first offshore oil and gas development in Papua New Guinea with a resource currently assessed at over 120 million barrels of oil equivalent and a GCA audited liquids reserve of more than 60 million barrels.

Twinza is a private company and includes the Clough family and energy sector investment fund Kerogen Capital as major shareholders.

US$15m investment in the Senior Secured Bonds issued by a SGX listed regional engineering group with business interests in real estate and infrastructure.

December 2017

Pierfront invested in the US$15m Senior Secured Bonds issued by TEE International Limited (“TEE”), a SGX listed leading regional engineering group with business interest in real estate and infrastructure.

Through its majority-owned SGX Mainboard-listed subsidiary, TEE Land Limited, TEE undertakes the development of residential, commercial, and industrial property projects, as well as invests in income-generating properties in Singapore and the region. With a focus on growing a diversified and resilient enterprise, TEE has also expanded into the Infrastructure business by investing in assets in the Water, Power and Environmental-related segments.

US$30m investment in the Series A Preferred Units of a NYSE listed owner and operator of shuttle tankers.

June 2017

Pierfront Capital acted as anchor investor in the follow-on US$40m Series A Preferred Units issuance by KNOT Offshore Partners LP (“KNOP”), a limited partnership formed in February 2013 and listed on the NYSE, to operate and acquire shuttle tankers under long-term charters.

As of closing, KNOP owned and operated a modern fleet of thirteen state of the art shuttle tankers, each equipped with the latest advanced technology, including dynamic positioning and offshore systems, ensuring safe and efficient offloading from offshore installations, in the most challenging of locations and weather conditions. All vessels operate under long term charters with major oil and gas companies engaged in offshore productions, such as Shell, ExxonMobil, Statoil, Transpetro and ENI

US$25m investment in a term loan facility to PT Merdeka Copper Gold TBK, a mining company listed on the Jakarta Stock Exchange.

September 2016

Pierfront Capital acted as sole arranger and lender in a US$25m term loan facility to Merdeka Copper Gold. The Company’s major asset is the mining project known as the Tujuh Bukit Project which is located in the Banyuwangi Regency, East Java, approximately 205 kilometers southeast of Surabaya. The Tujuh Bukit Project is one of the world's top undeveloped gold and copper projects with an estimated total JORC Compliant Resource containing 19 billion lbs of Copper and 28 million oz of Gold.

Merdeka Copper Gold is listed on the Indonesian Stock Exchange and its major shareholders include Saratoga and Provident Capital. The Company raised senior bank financing from a range of international and regional banks, including: BNP Paribas, Credit Agricole, HSBC, ING Bank, Societe Generale, Sumitomo Mitsui Banking Corporation, UOB and Goldman Sachs.

US$33m term loan facility to Greenko Ventures Limited, in support of the Promoter’s of Greenko Energy Holdings (“Greenko”), a developer of renewable power projects in India.

August 2016

Pierfront Capital acted as the sole arranger and lender in the US$33m term loan facility to Greenko, one of the leading renewable energy companies in India. Greenko is a market leading owner and operator of clean energy projects in India, building a de-risked portfolio of wind, hydropower, solar and biomass assets within India. Greenko currently has in excess of 1 GW of operating capacity.

Besides Greenko Ventures Limited, Greenko is backed by GIC, the sovereign wealth fund of the Government of Singapore, and Abu Dhabi Investment Authority.

INVESTMENT TEAM

Stephane Delatte

Chief Investment Officer

Stephane Delatte is the Chief Investment Officer of Pierfront Capital. He has more than 20 years of experience in Structured Financing, Private Equity, and Project Financing, primarily in Asia. Before joining Pierfront Capital, he was for 12 years Managing Director and Investment Committee Member at CLSA Capital Partners, the private equity arm of CLSA, in charge of mezzanine finance for Asia. Prior to this, he served as Vice President for Dresdner Kleinwort Capital, as Investment Officer for the Asian Mezzanine Infrastructure Fund, and as Vice-President in the project finance division of Credit Lyonnais Paris. Stephane has been involved in the arranging of a number of project and structured finance transactions covering inter alia the power, utilities, infrastructure and resources sectors, He holds a B.Sc. in Corporate Finance from Bordeaux Business school and a Master's Degree in Financial Engineering from Lyon Business School.

Chua Wei Teck

Managing Director

Wei Teck Chua is a Managing Director of Pierfront Capital. Wei Teck has more than 15 years of experience in debt financing, in particular in originating high-yield, mezzanine, structured and private financing transactions. For over 10 years, he has worked in the structured finance teams of major financial institutions in Hong Kong, London and Singapore. Following this he served as an Executive Director of an offshore marine company listed on Singapore Exchange. He holds a Master’s Degree in Accounting & Finance from London School of Economics and Political Science.

Andrew Starkey

Managing Director

Andrew Starkey is a Managing Director of Pierfront Capital. Andrew has more than 15 years of finance experience in the Asia-Pacific natural resources, infrastructure and related sectors. For over 11 years he was employed in investment banking and project financing roles at Macquarie Group and Goldman Sachs. Following this he served as an Executive Director at Presidio Capital focused on natural resources and infrastructure investments. He holds a Master’s Degree in Finance from INSEAD, Bachelor of Commerce and a Bachelor of Arts from the University of Melbourne, is a Chartered Accountant and a Chartered Financial Analyst.